Abstract
Over the past 30 years, the activities of the Federal Reserve System have undergone major change. Public interest and confidence in monetary policy have grown immensely. Low inflation has emerged at least as a more central focus than it was thirty years ago. The Federal Reserve System has also undergone changes. Reserve Banks now charge for many of their financial services, rather than providing them free to banks that are System members. Placed in competition with commercial banks in providing financial services, Reserve Banks have striven to be more efficient, more responsive, and more innovative. At the same time, Reserve Banks have played increasingly active and increasingly visible roles in their communities and their Districts, providing economic expertise and civic leadership. A recount of the conference Controlling Monetary Aggregates is presented.